US crypto bill just got nuked in the Senate.
Digital Asset Market Clarity Act (H.R. 3633) failed cloture 49-50. Needed 60. Not even close.
Zero Dem votes. Despite 126 changes they asked for—ethics rules, dev protections, stablecoin backstops, state AG powers, new fundraising pathways.
Bill would've given CFTC primary oversight on spot digital commodities. SEC role narrowed on token sales.
What now?
SEC and CFTC hinting they'll just keep rulemaking under existing authority anyway.
Sen. Tillis filed motion to reconsider—so it's not dead on paper. But midterms are coming. Window's tight.
Crypto stocks dumped post-vote. Separate House tax bill still moving.
Bottom line: Legislative path just got way harder. Regulators gonna regulate regardless.
Digital Asset Market Clarity Act (H.R. 3633) failed cloture 49-50. Needed 60. Not even close.
Zero Dem votes. Despite 126 changes they asked for—ethics rules, dev protections, stablecoin backstops, state AG powers, new fundraising pathways.
Bill would've given CFTC primary oversight on spot digital commodities. SEC role narrowed on token sales.
What now?
SEC and CFTC hinting they'll just keep rulemaking under existing authority anyway.
Sen. Tillis filed motion to reconsider—so it's not dead on paper. But midterms are coming. Window's tight.
Crypto stocks dumped post-vote. Separate House tax bill still moving.
Bottom line: Legislative path just got way harder. Regulators gonna regulate regardless.